Main menu

Geofencing Market is set to grow substantially during the forecast timeframe

Market Highlights:

In this rapidly changing world of technology, geofencing market is projected to show major growth prospects during the forecast period. Major factor driving the geofencing market is the increasing adoption of location based application services. Rise in growth of competitive analysis is another major factor responsible for fueling the growth of geofencing market.

The global geofencing market, by geography, has been segmented into North America, Europe, Asia Pacific and Rest of the World. As compared to other regions, the geofencing market in North America is expected to witness significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of geofencing market. This is owing to the presence of large number of established key players like Apple in that region. In addition to this, the region also has a well-established infrastructure which allows higher penetration of devices and ultimately provides better connectivity. Increasing adoption of smartphones and growing popularity of social media platforms is expected to be another major factor responsible for driving the growth of geofencing market.

Also, Mobinius Technologies (India), Mapcite (U.K.), DreamOrbit (India), Factual (U.S.), InVisage (U.S.), LocationSmart (U.S.), Maven Systems (India), MobiOcean (India), Nisos Technologies (U.S.), Urban Airship (US), Plot Projects (Netherlands), Raveon Technologies (U.S.), Visioglobe (France) and SuccorfishM2M (U.K.) are few other major players in the geofencing market. These companies have not been profiled in our study, but it can be taken up as a part of customization, as per client requirements.

According to Market Research Future Analysis, Geofencing Market has been valued at approx. USD 2,387 Million by the end of forecast period with 27% of CAGR during forecast period 2017 to 2023

Regional Analysis:

The regional analysis of geofencing market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in geofencing market in North America is attributed to technical advancements and increasing demand for business intelligence and analytical tool with a rise in demand for spatial data in that region.

Market Segmentation

On the basis of component, the market is segmented into solution, and services. The services is further sub-segmented into integration & deployment services, support & maintenance service, consulting service.

On the basis of geofencing type, the market is segmented into fixed geofencing and mobile geofencing.

On the basis of organization size, the market is segmented into SME’s and large enterprises.

On the basis of vertical, the market is segmented into BFSI, healthcare, manufacturing, retail, transportation, media & entertainment, government, and others

On the basis of region: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.